The British pound has plunged to an all-time low against the dollar with investors looking for exits after the new Tory government’s fiscal plan threatened to stretch the crisis-battered country's finances to breaking point.

Germany is expecting its worst economic crisis in 50 years, with diminishing prosperity, a shrinking middle class and growing inequality, according to Spiegel’s recent report.

The US economy is reported to be in a recession, although the US president is in a state of denial.